The CSSF reminds that the following institutions must open basic payment accounts to consumers who request it, in accordance with the provisions of Article 23 of the Law of 13 June 2017 on payment accounts:

·Banque et Caisse d'Epargne de l'Etat, Luxembourg,

·Raiffeisen Bank,

·BGL BNP Paribas,

·POST Luxembourg.

In addition, Banque Internationale à Luxembourg has chosen to also offer basic payment accounts.

Consumers legally residing in the European Union, including consumers who do not have a residence permit but whose expulsion is impossible for legal or practical reasons, have the right to open a basic payment account with the above-mentioned institutions and have the right to use it, regardless of their place of residence.

The basic payment account must allow consumers to take advantage of the following services:

·services to carry out all the operations required for the opening, management and closure of a payment account,

·services to pay funds into a payment account,

·services for withdrawing cash in the European Union from a payment account, at the counter or at ATMs during the opening hours of the establishments concerned¹ or outside those opening hours,

·services that allow the following payment transactions to be carried out in the European Union:

·direct debits;

·payment transactions using a payment card, including online payments; and

·transfers, including standing orders, made, where available, at terminals, counters and through the online services of the institutions concerned.

Institutions that offer basic payment accounts may reject an application to open such an account where the consumer already has a payment account in Luxembourg that allows him or her to take advantage of the services listed above (unless the consumer declares that he or she has been warned that the account is going to be closed).

It should be noted that an application for the opening of a basic payment account may be rejected if the consumer provides inaccurate or misleading information in the context of the application procedure for the opening of the basic payment account or if the institution from which such an account has been requested has reason to suspect that the basic payment account would be used for illegal purposes.

The institutions concerned that offer basic payment accounts shall open that account or reject the application to open such an account without undue delay and at the latest within ten working days of receipt of a complete application.

In the event of rejection of an application to open a basic payment account, the institution concerned shall in principle immediately inform the consumer of the refusal and the precise reason for this refusal, unless such communication of information is contrary to the objectives of national security and the maintenance of public order or to the amended law of 12 November 2004 on the fight against money laundering and the financing of terrorism.

The above-mentioned institutions shall inform the consumer of the procedure to be followed in order to contest the refusal and of his right to refer the matter to the CSSF to contest the refusal. On this occasion, they provide the CSSF with the contact details they can use.

A consumer can also appeal to the CSSF if he or she believes that the institution that opened a basic payment account for him or her has unjustifiably closed this account. The grounds for the closure of a basic payment account that are permissible are listed in Article 29 (2) of the Payment Accounts Act of 13 June 2017.

For your complete information, please find below the link that allows you to access the text of the law of 13 June 2017 on payment accounts: Law of 13 June 2017 on payment accounts... – Legilux (public.lu)

¹ The concept of 'institutions concerned' means, according to Article 21 of the Law of 13 June 2017 on payment accounts, the credit institutions and payment service providers referred to in Article¹⁽37)(iii) of the amended Law of 10 November 2009 on payment services (the Entreprise des Postes et Télécommunications is referred to in Luxembourg), who offer services in Luxembourg.